In what may spell disappointment for those having taxable income of Rs 1 crore and above, the surcharge of 10 per cent levied on them last year, will continue for one more year till March 2015.
According to the Finance Bill 2014, the surcharge on individuals, Hindu undivided families (HUFs), firms and entities will continue to pay the surcharge till next year.
Also, the 5 per cent surcharge on domestic companies with total annual income of more than Rs 1 crore but less than Rs 10 crore will continue. Those with income exceeding Rs 10 crore will pay a surcharge of 10 per cent.
- Fissures Remain Within Samajwadi Party: All You Need To Know
- Big Cheer For Delhi-Noida Commuters, DND Flyway Becomes Toll Free
- PM Modi Meets New Zealand Prime Minister John Key
- Ex-Arunachal CM Kalikho Pul Left Behind “Secret Notes” Before He Was Found Hanging: Rajkhowa
- Big Relief For Former Karnataka CM BS Yeddyurappa: Here’s Why
- Missing For Three Days, JNU Student Found Dead In Hostel Room
- Bigg Boss 10: Review Of October 25 Episode
- Delhi Government’s Rs 200 Crore Riverfront Plan: Find Out More
- School in Jammu & Kashmir’s Bandipore District Set on Fire
- Ajay Devgn On The Making Of Shivaay: Exclusive Interview
- Bodies Of Maoists Killed In Malkangiri Encounter, One Of The Biggest Such Operations
- Mumbai’s Haji Ali Dargah Trust to SC: Ready to give women access to sanctum sanctorum
- Samajwadi Party Crisis: 5 Quotes By Mulayam Singh Yadav At Press Conference
- Ae Dil Hai Mushkil Vs Shivaay: What Delhites Pick
However, “in keeping with the conventions”, the finance minister refrained from making any changes in the Finance Bill.
Expressing disappointment on the continuation of the surcharges, tax experts said the government should clarify its stand on several unfinished agenda on direct tax front.
Rahul Garg, leader direct tax, PwC India, said, “Additional surcharges were levied last year with the plan that they would be there for one year only. Their continuation is a disappointment. We hope they are removed when the new government brings in its Finance Bill.”